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GOVT SPENDING HUF 103 BN ON ELECTRICITY GRID UPGRADES

 

Hungary’s government is spending 103 billion forints (EUR 251.4m) on developing the country’s electricity network, a technology and industry ministry official said on Friday, adding that the government was financing 50 percent of the upgrades carried out by electricity firms. The support scheme was originally set to be financed from the European Union’s post-pandemic recovery fund, but because talks with Brussels are dragging on, the government has decided to pre-finance the programme, Attila Steiner, the state secretary for energy policy, told a press conference. Companies that will receive government support include state-owned transmission system operator Mavir and smaller transmission firms, Steiner said. Subsidiaries of state-owned energy company MVM, MVM Demász and MVM Emász, will receive a combined 35 billion forints in government support to boost the network’s capacity for electricity from renewable sources by 600-700MW, Steiner said.